Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,278/mo
+$51/mo- Down payment
- $2,340
- Funds due
- $12,685
- Interest + MI left
- $341,889
- First ends
- May 2055
New loan
New conventional
$2,227/mo
Lowest payment- Down payment
- $27,000
- Funds due
- $34,943
- Interest + MI left
- $368,526
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $267,660 | $243,000 |
| Second mortgage | — | — |
| First P&I | $1,782.31 | $1,682.48 |
| Second P&I | — | — |
| Mortgage insurance | — | $48.60 |
| Taxes, insurance & HOA | $496.08 | $496.08 |
| Total housing payment | $2,278.39 | $2,227.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,340
Closing costs & prepaids$10,345
Usable credit−$0
Total buyer cash needed$12,685
Earnest money paid−$0
Remaining funds due$12,685
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,338.30
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$258.25
Initial HOA (3 months)$780.00
Prepaid interest, first (1 days)$50.23
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing28 yr 6 moOf the original 30-year loan at 6.850%
Interest already paid$27,741Through Nov 2026
Assumption only · ends May 2055$341,889
New conventional · ends Dec 2056$368,526